- Trade stays limited amid price drop expectations
- Demand likely to pick up post Vishwakarma Puja
The Indian met coke market remained stable during the week ending 11 September 2025. BF-grade (25-90 mm) met coke was assessed at INR 29,500/tonne (t) ex-Jajpur, reflecting a slight increase of INR 500/t w-o-w. Prices in western India held firm, with ex-works Gandhidham offers assessed at INR 30,000/t.
Foundry-grade met coke stood steady at INR 35,600/t ex-Rajkot. Despite the overall stability, market sentiment was mixed, as buying interest remained subdued.
Market activity shows cautious undertones
Trading activity during the week was steady but marked by caution. Although Australian premium hard coking coal gained $2/t w-o-w to $187/t FOB Australia, domestic coke prices did not mirror the rise. Buyers appeared hesitant to commit to fresh purchases, preferring to wait for clearer signals on demand and pricing.
Market participants, however, expect some revival in trade volumes post-Vishwakarma Puja on 17 September, when seasonal demand typically supports restocking.
Pig iron market exerts pressure on demand
A cautious pig iron market continued to weigh on coke consumption. Despite prices remaining firm, many producers remained wary, avoiding higher coke procurement costs amid expectations of potential price corrections.
Steel-grade pig iron prices at Durgapur increased by INR 350/t w-o-w to INR 32,800/t ex-works. Additionally, at SAIL’s Rourkela Steel Plant auction on 5 September 2025, 5,000 t of pig iron were offered, of which 3,500 t were successfully booked at an average price of INR 32,800/t.
China’s coke market turns sharply bearish
Meanwhile, China’s coke market entered a bearish phase after 8 September. Steelmakers in Shandong reduced purchase prices for Quasi Grade I coke to RMB 1,445/t for wet-quenching and RMB 1,695/t for dry-quenching, delivered with VAT. Similarly, prices in Luliang and Tangshan dropped to RMB 1,290/t ex-plant and RMB 1,490/t DDP, respectively.
This sharp rollback marked the failure of producers’ eighth consecutive attempt to raise prices, highlighting mounting bearish sentiment. A combination of weak steel demand, limited procurement from mills, and rising cost pressures collectively fuelled the decline, leaving China’s coke producers under significant stress.
Outlook
India’s met coke market is expected to remain stable in the near term, supported by post-festival restocking and an anticipated recovery in steel prices. In contrast, China’s market is likely to stay weak amid subdued steel demand and sustained margin pressures.
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